Soon, WhatsApp groups to have up to 1,024 participants: Report
At present, a group can have up to 512 members. This update was announced in June; at the time, the maximum limit was 256.
In June, WhatsApp released an update, allowing users to add a maximum of 512 participants in a single group on the Meta-owned messaging platform; this cap was increased from 256. Now, if a report is to be believed, WhatsApp will soon extend this cap further to 1,024.

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As per WABetaInfo, the feature is available on WhatsApp beta for Android and iOS users, though limited to an unspecified number of beta testers. The website, a reliable source of information on WhatsApp-related updates, shared a screenshot of this feature:

WABetaInfo also shared steps by following which you can check if this option has been enabled on your device. Just open WhatsApp account on your smartphone and try to create a group or add more participants to an existing group. Here, if you see ‘1024' (see screenshot) it means that the feature has been enabled; however, if you still see ‘512,’ don't worry. It only means that the option may take some time to reach your account.
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The update will be particularly helpful for businesses and enterprises as it will allow them to send messages to multiple recipients in one go.
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On the other hand, Telegram, a WhatsApp competitor, allows users to add up to 200,000 members to a group.